The South American nation of Venezuela has just experienced a serious and dramatic decrease in its manufacture of oil. This occurred during the month of May. This information comes straight from the Organization of the Petroleum Exporting Countries, and it’s not good news for the country. Expert Adrian Jose Velasquez Figueroa explains it may denote mounting difficulties for Venezuela, a nation that’s in the throes of significant economic issues. Its oil manufacturing has gone down to merely 2.37 million barrels daily. That’s 120,000 fewer barrels than before.
Schlumberger Ltd. and Halliburton Co. are two large oil providers that are known internationally. They both noted not long ago that they plan on reducing their business in the country. They were planning on reducing business while Venezuela worked to take care of significant debt matters.
Venezuela is highly dependent on oil, and according to Adrian Jose Velasquez the nation actually requires oil for the bulk of its earnings. It’s at the moment in the middle of extreme money problems. These problems are the result of reduced oil prices. Oil manufacture in Venezuela is nowhere close to the desired number of six million barrels per day.
Oil from the nation was worth roughly $25.00 per barrel at the beginning of the year. Its price currently is approaching $40.00.